AUD/USD: recovered back above 0.76 in a mixed greenback, key events to come yet

AUD/USD has been consolidating the recovery from the downside and sell-off at 0.7650 to 0.7588 on a mixed outlook for the greenback and the US economy.

The main event will be the Jackson Hole at the end of what has otherwise been a relatively quiet week for the Aussie, certainly in respect of data catalysts. The US GDP will also be released on Friday in the Us session which could all make for an explosive finale to the penultimate week this month as we move out of the holiday season with full liquidity returning again and the build up to the US elections. the key question is whether the RBA has anything left in the pipeline in respect to their shift towards an easing bias while it is yet to be seen whether the Fed are preparing for an additional interest rate hike.  Next up, is U.S. durable goods as a key componant of the US GDP and a number that has been very soft of late and will be a number that the FOMC will be monitoring closley. 

Federal Reserve: 'The writing really IS on the wall' (Ha-ha!!)

Valeria Bednarik, chief analyst at FXStreet explained that the pair has now the potential to retest the 0.7450 level, a major Fibonacci support, the 38.2% retracement of this year early rally. "In the meantime, the technical picture is neutral, with investors holding their breath ahead of more clues coming from US Yellen."

AUD/USD levels

Spot is presently trading at 0.7612, and next resistance can be seen at 0.7613 (Daily Open), 0.7614 (Weekly Low), 0.7615 (Hourly 20 EMA), 0.7617 (Daily High) and 0.7624 (Daily 20 SMA). Next support to the downside can be found at 0.7609 (Daily Low), 0.7600 (Daily Classic S1), 0.7589 (Yesterday's Low), 0.7585 (Daily Classic S2) and 0.7568 (Weekly Classic S1). Regarding candlestick formations, we can see Doji formation on the 1-hour.